August 27, 2024 (MLN): To ensure transparency in the sugar market, the government will monitor increases in sugar prices and enforce compliance with retail and wholesale price regulations, sources close to the matter informed Mettis Global News.
To assess the causes behind the rise in prices, the government will thoroughly evaluate the factors contributing to the increase in sugar prices.
Sources further informed that the Ministry of Industry will keep the Ministry of Finance updated on sugar prices, with daily reviews and checks to be conducted.
In a related development, the government has approved the summary from the Ministry of Industries & Production regarding the export of an additional 100,000 metric tons of surplus sugar, subject to certain conditions.
export of sugar from the date of allocation of quota by respective Cane Commissioner shall be extended from forty-five (45) days to sixty (60) days.
Export proceeds shall be received in advance in the case of Afghanistan only through banking channel however, export proceeds in case of LC may be allowed within a period of 60 days of the opening of LC for export of sugar to other destinations
Moreover, the benchmark for Retail Price of sugar may be delinked from the permission to export sugar as retail price is not directly under the control of sugar mills and condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.
Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole.
